Stanchart records GHC119m profit before tax

Standard Chartered Bank Ghana Limited, has posted a profit before tax of 119 million cedis in the first quarter of 2017, up 18 per cent from 101 million cedis in the same period last year.

According to statement issued by the bank, operating income increased by 8 per cent to 162 million cedis in 2017 compared to 152 million cedis same period in 2016.

Operating expenses also increased by 16 per cent to 55 million cedis compared to the March 2016 where they recorded 47 million cedis largely on the back of inflation driven increase in cost.

Net impairment recovery on assets was 12 million cedis against a prior year charge of 2 million cedis.

The bank says, its performance over the stated period was driven by focus on its strategy of recovering impaired assets, making the bank’s balance sheet strong, liquid and well capitalised.

The bank further noted that the macroeconomic environment generally improved towards the end of the quarter, despite uncertainties in the beginning of the year.

It however expressed optimism in the medium to long-term.

Commenting on the performance, the Chief Financial Officer, Kweku Nimfah-Essuman, said: “the Bank will continue to take initiatives that will deliver results and returns in line with investor and shareholder expectations”.

Chief Executive Officer, Mansa Nettey also said, “our performance will continue to trend positively as improving market conditions are sustained. Our focus in 2017 remains one of preserving the right financial framework and creating shareholder value”.

GB&F

Source: thebftonline.com

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